Cambodia, US brokers sign off on agreement

[geovalin]

Hor Kimsay

Local company Tong Yang Securities has joined forces with Decker & Co, a US-based broker company specialising in Southeast Asian markets, to promote Cambodia’s Stock Exchange (CSX) to investors in the United States.

Han Kyung Tae, CEO of Tong Yang Securities (Cambodia), said yesterday in an email that his firm signed off on the “chaperone agreement”, which enables US institutional investors to open accounts with the CSX from abroad starting from December 23, 2013.

The agreement permits Tong Yang to reach investors registered in the US, according to Han, and so far more than a dozen American investors have shown interest in potential Cambodian investment opportunities under the terms of the agreement.

“Decker has been very actively promoting the Cambodian stock market to US institutional investors,” Han told the Post.

“US institutional investors have opened their trading accounts with us, which now represent 13 per cent of our total institutional investor.”

Decker & Co now operates brokerage operations in Thailand, Vietnam, Sri Lanka, Malaysia, Indonesia, Singapore, Laos, the Philippines and most recently Cambodia.

“We're looking forward to working with our new partners in the Philippines and Cambodia,” Mark Decker, CEO of Decker & Co was quoted as saying on public relations firm Marketwired’s website on
April 22.

Soleil Lamun, deputy director of market operations at the CSX, said the partnership was positive as it opened up new investor opportunities to Cambodia’s securities market through Tong Yang.

“[The partnership will help bring] a bigger investor base and more capital flowing into our economy,” he said.

http://www.phnompenhpost.com/business/cambodia-us-brokers-sign-agreement